The EUR/USD upside has been limited despite the September U.S. retail sales miss nLNSFLEEM8, as lingering concerns over Italy and the CDU/CSU election losses in Bavaria nL8N1WU02P weigh on spot.
Despite the latest euro holdup, the next big move in the EUR/USD will is likely to be up.
EUR/USD's build-up of short positions since early October remain stubbornly intact , according to EBS flow data, despite the month's strong recovery from 1.1433 to 1.1611.
That means some of the buy stops associated with the outstanding shorts remain vulnerable.
EUR/USD continues to consolidate after October's recovery, as the market gears up for the next leg higher through the 1.1624 Fibo, a 50 percent retrace of the 1.1815 to 1.1433 fall.
Daily cloud, which now spans the 1.1546-1.1569 region, continues prop up the market.
Friday and Monday 1.1535 matching lows provide another line of support for bulls.
Traders now eye September U.S. industrial production for clues on the next dollar move.
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